Abbott Laboratories on Wednesday projected that its full-year adjusted profit will be higher than analysts had previously forecast, as demand for Covid-19 testing continues to drive strong sales.
The Abbott Park, Ill.-based health-products company said it expects full-year earnings of at least $3.74 a share in 2021. Excluding one-time items such as acquisition and amortization expenses, the company's adjusted profit will be at least $5 a share, the company projected.
Analysts surveyed by FactSet had been forecasting a full-year adjusted profit of $4.24 a share.
The company's role in Covid-19 diagnostic testing has been a boon to its revenue, contributing $2.4 billion in sales in the fourth quarter.
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